Automated assessment of loan applications
During Considition 2024, the finance and lending market was in focus as Consid partnered with Ikano Bank. The competing teams stepped into the role of Ikano Bank and were tasked with creating an algorithm to enable the automated assessment of loan applications.
The competition consisted of several stages, each introducing increasing challenges, such as high-risk customers where the bank faced the risk of losing money in the short term, as well as scenarios involving customers with a healthy financial situation.
By testing their algorithms throughout the entire competition period, the goal was to identify a model that, using AI and machine learning, could evaluate financing and loan decisions in order to maximise sustainable impact on three levels: ecological, social and economic.
The premise was to optimise financial decision-making through AI and machine learning while maximising sustainable outcomes in line with Ikano Bank’s business idea:
We create possibilities for a better living by offering simple, fair and affordable services that enable a healthy economy for many people and businesses.
